Stocks pause amid profit-taking at highs

The Pakistan Stock Exchange (PSX) paused on Tuesday after touching a record high above the 170k barrier a day ago as early optimism vanished because of profit-taking by investors at elevated levels, pushing the benchmark index down by 294 points. Initially, investors cheered a 50-basis-point reduction in the central bank's policy rate, which lifted the index to a new all-time intra-day high of 171,923 in early trading. However, it proved short-lived. The market's tone gradually softened, with steady profit-taking in heavyweights in the exploration & production, energy, fertiliser and cement sectors. Towards close, the bourse dropped to the intra-day low of 170,192, before recouping some of the losses. At the end of trading, the benchmark KSE-100 index recorded a fall of 294.05 points, or 0.17%, to settle at 170,447.30.